Retirement Compensation. 4.1 All employees are contributing members of the School Employees Retirement System and entitled to all benefits. The Treasurer will deduct ten percent (10%) of the annual salary of each employee for retirement contribution. The Board will “pick up” this employee’s share. The pick up amount will be subtracted from the salary as listed on the salary schedule, thus reducing gross pay by a like amount. This procedure shall be in compliance with the A.G. Opinion 82-097, which permits the amount picked up by the employer to be used in the calculation of final average salary for retirement purposes.
Retirement Compensation. For each complete year worked under this Agreement the Employee shall earn and be entitled to receive an annual retirement payment equal to $7,500 (the "Retirement Payment"). (For example, if the Employee is employed for five years and eight months under this agreement the annual retirement payment would be 5 X $7,500 = $37,500) The Retirement Payment will be payable to the Employee, or in the event of the Employee's death, to his estate, beneficiaries, or designees, on the first business day of January in each of the first ten years following the date the Employee leaves the service of the Company. The Retirement Payment will be in addition to any deferred compensation, pension, or other payments the Employee has earned under this and any other previous and subsequent agreements with the Company and any other payments he may be due under the Company's employee benefit plans.
Retirement Compensation. The Company shall establish a deferred compensation plan (“SERP”) that is substantially similar to the B/E 2010 Deferred Compensation Plan, including allowing for the deferral of Equity Awards thereunder, on or as soon as practicable following the Effective Date. On the ninetieth (90th) day following the Effective Date and on a quarterly basis thereafter during the Employment Term, the Company will make a tax deferred contribution to the SERP (the “Retirement Contribution”) on behalf of Executive equal to twenty-five percent (25%) of the Salary in effect as of the date of contribution. Each Retirement Contribution shall be allocated to Executive’s retirement account under the SERP, shall be fully vested on the date that such Retirement Contribution is made and shall otherwise be subject to the terms and conditions of the SERP.
Retirement Compensation. A. If a teacher retires from duties after reaching the minimum age fixed by law for retirement or after having performed professional duties in this District for not less than ten years, he/she shall be paid a retirement stipend. This stipend shall be considered as part of the salary of the final year of service, but shall be paid at the close of the year, after the retirement has become a fact. The amount of the sti- pend shall be determined by allowing $100 for each full school year or major fraction of the school year during which the retiring teacher has been employed in the schools of this District, provided, however, that in no case shall the stipend amount to more than $2,400.
B. Exceptions:
1. Any teacher having between 25 and 29 years of District-credited experience shall be entitled to $130 per year of actual District service, provided, however, that in no case shall the stipend amount to more than $3,770 for such teachers.
2. Any teacher having more than 29 years of District-credited experience shall be entitled to $170 per year of actual District service, provided however, that in no case shall the stipend amount to more than $5,100 for such teachers.
Retirement Compensation. (i) If Executive's employment is terminated for any reason other than Cause, the Company shall pay to Executive a lump sum amount equal to the amount by which (A) the product of (1) one-half multiplied by Executive's average annual salary for the three (3) year period preceding the Termination Date times (2) the number of years (including any partial year) since May 1, 1993 (the "Retirement Compensation") exceeds (B) the sum of any amounts previously distributed to Executive pursuant to Sections 5(g)(ii), 5(g)(iii) and 5(g)(iv). The lump sum amount to be paid shall not be present-valued or otherwise reduced by use of any other discount or discounting method. The payment will be made to Executive within five (5) business days following the Termination Date.
(ii) Within five (5) business days after the date on which the BE Aerospace, Inc. Executive Compensation Trust II dated April 21, 1999, as amended, is terminated (the "Distribution Date"), the Company will distribute in a lump sum the amount of Retirement Compensation that would have been payable to Executive under Section 5(g)(i) as of the Distribution Date.
(iii) Within ninety (90) business days of the Distribution Date, the Company shall establish a trust for the duration of the Employment Term, and, commencing on the Distribution Date and on a quarterly basis, thereafter (each a "Contribution Date") the Company shall contribute to the trust (the "Retirement Trust") for the benefit of Executive an amount equal to (A) the Retirement Compensation that would be payable to Executive under Section 5(g)(i) if the Contribution Date was his Termination Date minus (B) the total of all contributions made to the Retirement Trust by the Company as of such Contribution Date. The Retirement Trust to which the Company shall make these contributions shall be irrevocable. The Retirement Trust shall provide that Executive may withdraw from the Retirement Trust, within the thirty (30)-day period beginning on the date on which he receives notice from the Company that the Company has made a contribution pursuant to this Section 5(g)(iii) an amount up to but not to exceed the amount of that contribution. If and to the extent that Executive fails to exercise this withdrawal right within the thirty (30)-day periods, such withdrawal right shall lapse. The Retirement Trust also shall contain such other provisions as the Company and Executive reasonably agree are necessary in order for the Retirement Trust to qualify as a grant...
Retirement Compensation. (i) If Executive's employment is terminated for any reason except Cause as defined in Section 5(d) above, the Company shall pay to Executive (or in the event of Executive's death after such termination, to such person as Executive has designated in a notice filed with the Company, or if no such person shall have been designated, to his estate), a lump sum amount equal to the amount by which (A) the product of (1) one-half multiplied by Executive's average annual salary for the three (3) year period preceding the Termination Date times (2) the number of years (including any partial year) since May 1, 1993 (the "Retirement Compensation") exceeds (B) the sum of any amounts previously distributed to Executive pursuant to Sections 5(g)(ii), 5(g)(iii) and 5(g)(iv). The lump sum amount to be paid shall not be present-valued or otherwise reduced by use of any other discount or discounting method. The payment will be made to Executive within five (5) business days of the Termination Date.
(ii) Within five (5) business days after the date on which the BE Aerospace, Inc. Executive Compensation Trust II dated April 21, 1999, as amended is terminated (the "Distribution Date"), the Company will distribute in a lump sum the amount of Retirement Compensation that would have been payable to Executive under Section 5(g)(i) as of the Distribution Date.
(iii) Within ninety (90) business days of the Distribution Date, the Company shall establish a trust for the duration of the Employment Term, and, commencing on the Distribution Date and on a quarterly basis, thereafter, each a "Contribution Date" the Company shall contribute to the trust (the "Retirement Trust") for the benefit of Executive an amount equal to (A) the Retirement Compensation that would be payable to Executive under Section 5(g)(ii) if the Contribution Date was his Termination Date minus (B) the assets in the Retirement Trust as of the Contribution Date. The Retirement Trust to which the Company shall make these contributions shall be irrevocable. The Retirement Trust shall provide that Executive may withdraw from the Retirement Trust, within the thirty (30)-day period beginning on the date on which he receives notice from the Company that the Company has made a contribution pursuant to this Section 5(g)(iii) an amount up to but not to exceed the amount of that contribution. If and to the extent that Executive fails to exercise this withdrawal right within the thirty (30) -day periods, such withdrawal right sha...
Retirement Compensation. A. Administrators shall receive compensation according to the following formula:
Retirement Compensation. All current monthly recruitment and retention differential payments shall be considered as compensation for purposes of retirement.
Retirement Compensation. Any teacher who meets the above eligibility requirements shall be provided with a maximum salary increase limited to 6% above the teacher’s base salary for the preceding year for a period of up to three (3) school years prior to retirement provided that such an increase does not result in causing the Board to pay any penalties resulting from excess creditable earnings. The total creditable earnings reported to the Illinois Teacher Retirement System (ITRS) during any of these three (3) years shall not be more than 6% of the teacher’s creditable earnings for the immediately preceding year.
Retirement Compensation. Article VI shall constitute the retirement program of the Corporation and shall be counted as part of the cost of any salary agreement between the Board and the Association. For purposes of this Article and to qualify for total disability, a Teacher must be adjudged permanently disabled by the Indiana State Teachers’ Retirement Fund (ISTRF). Retired teachers who are hired on or after July 1, 2021 will not be eligible to receive the retirement benefits set forth in Section A (401(a)), Section B (403(b)), Section C (VEBA) and Section D (Sick Leave Bonus) below.
Section A IRS Code Section 401(a) Section B IRS Code Section 403(b)
